Tsunami heading for the Real Estate industry

[ChicagoDrew]

I agree with not giving these sites our info, but what about consumers demanding it? Say a seller wants it on one or all these sites? They are in the news so much that most sellers or buyers goto them and with out any real credentials the sites seem to act as if they are the authority.

I think that the MLS need to become more progressive in getting information organized and able to disseminate that info through our vows on our sites.

[kensmith]

Really simple, tell the seller the truth. These sites do not have customers going to them looking for homes so it is a waste of time. Tell them their listing will be listed in the places that actually will help get it sold like the MLS, Realtor.com, and any other sites you place your listings on.

BTW, most people in the real world (not in the RE industry) have no idea about Zillow or Trulia. More important they don't really care to learn as long as you don't bring it up.

[Andrea Messenger]

I agree that there are alot of folks who don't know about zillow, trulia, or the "others."

But... I know I've had a few clients lately that have "checked up" on data I've given them such as comps by letting me know they are basing their offers on what zillow tells them.

One problem is that these sites often have outdated or incorrect info, but from the consumer standpoint, they are just doing their homework and don't realize these sites are not really there to help them, but that they ultimately exist to sell advertising or to sell leads to agents.

[kensmith]

The info is really outdated in Cook County as our tax records are at least 3 months behind and many times 6 months.

[Andrea Messenger]

Ken Smith wrote:

Without agents giving the power to these sites we are fine and it will actually help those that have a good online presense. If we cross the line and make these sites authorities then there might be a problem.

Ken, I agree with you. There are so many sites that advertise to consumers to gain traffic & then just provide them a tidbit of data (and like you said, it's often very outdated). They want to get to our buyers and sellers first - don't think this won't start costing us money.

As if we need another middleman in our pockets!

[kensmith]

Originally Posted by Andrea Messenger They want to get to our buyers and sellers first - don't think this won't start costing us money. As if we need another middleman in our pockets!

I have said this over and over, yet agents argue with me. They feel that while it's free they should use the sites for advertising. The agents just don't get that they are just building up the authority status of a company that will turn around and charge them money for advertising their listings. Worse they will likely turn into the next Home Gain. (That link is to my blog post about an agents experience with HomeGain)

[naplesrealestate]

Ken and Andrea - you seem to have hit the nail on the head that those real estate agents that have an interest in the Internet, may have a better view than most about the Zillow's and Tulia's of the world.

But, on the other hand, I can remember booking airline tickets online before the days of Travelocity, Expedia, etc.

My fear is that as real estate agents if we do not bring some value to the transaction, we will be like travel agents after the aforementioned sites became popular.

I do agree that in today's real estate market outdated information is bogus - but if you see higher values from one year ago and a seller - wouldn't you feel good about what Zillow is reporting to you? However, imagine if the market is on the upswing and you lose money based upon the information?

[kensmith]

One HUGE difference is that an airline ticket is an airline ticket. There is way more that goes into buying a home.

[naplesrealestate]

Originally Posted by kensmith One HUGE difference is that an airline ticket is an airline ticket. There is way more that goes into buying a home.

I agree with you Ken, however, do all our colleagues bring the same value to a real estate? If not, we are playing into the hands of the 900 pound guerillas out there.

[kensmith]

Glenn I wish there was a way to weed out the bad agents as it would help the consumer see the value in working with an agent. The bad agents out there cause a lot of the image issues REALTORS have IMO.